USD 660.14 million
Report ID: SQSG30E2003 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 64 | Figures: 72
Cold Brew Coffee Market was valued at USD 660.14 million in 2021, and the market size is estimated to reach USD 3110.95 million by 2028, at a CAGR of 26.79% over the forecast period (2022-2028).
Millennials and Generation Z, who are more likely to explore new coffee varieties and flavours like cold brew coffee, are boosting demand for the beverage. The market for cold brew coffee is expanding owing to rising RTD (Ready to Drink) beverage penetration and growing popularity among professionals who lead busy lives. For instance, Star Buck’s release of cold brew pitcher coffee packs and other cold brew items in the US market significantly increased consumer awareness of cold brew coffee products, which in turn helped to accelerate the cold brew coffee market.
Additionally, since coffee intake is directly correlated with lifestyle, social standing, and experience, therefore, the growing understanding of the numerous health advantages associated with the beverage is beneficial to the global cold brew coffee industry. People are becoming more knowledgeable about the various varieties of coffee on the market, each claiming superior quality and flavour, which is driving up sales.
US Cold Brew Coffee Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 660.14 million
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For better understanding, we have segmented the global Cold Brew Coffee Market by beans type, distribution channel, and region. Based on beans type, the Cold Brew Coffee Market is segmented into Arabica, Robusta, and Liberica. Based on distribution channel, the Cold Brew Coffee Market is segmented into Company Owned Outlets, Supermarkets/Hypermarkets, Online Retail Stores, and Others. Based on region, the global Cold Brew Coffee Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
The Arabica sector may account for the majority of the global cold brew coffee market
By the end of 2028, the arabica sector is projected to account for the majority of the global cold brew coffee market. Arabic coffee beans are widely utilized in the café for the preparation of cold brew coffee owing to their unique and mild taste. It also provides many health advantages, including anti-bacterial qualities that keep the mouth healthy, reduce stress, enhance metabolism, and encourage skin hydration. These elements should accelerate the segment's growth. The availability of different varieties of Arabica-based cold brew coffee, like Typica, Caturra, Kona, Pacamara, Villalobos, and others, also provides impetus to the market’s growth.
Company-owned outlets are predicted to hold a significant share in the sales of cold brew coffee
Due to growing consumer preference for freshly produced food and beverage products, the company-owned outlets are predicted to hold a significant share in the sales of cold brew coffee. Sales through company-owned storefronts are predicted to increase due to growing knowledge of the harmful health consequences of bottled drinks with preservatives. Sales of cold brew coffee are anticipated to increase as there are more retail locations. Additionally, it is expected that the discounts given for buying cold brew coffee in bulk at supermarkets and hypermarkets, as well as the cold brew coffee's attractive placement on various shelves or in the refrigerator, will boost sales at these establishments. In order to boost their consumer base, businesses like Starbucks, RISE Brewing Co., and Dr. Pepper are focusing on grocery channels and other convenience retailers. Starbucks just began selling its cold brew goods in American supermarkets and convenience stores, and it is now concentrating on internet channels to expand its global reach.
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North America was the largest regional market in 2021 and accounted for more than 60% of the overall share. Consumer preference for craft beverages is growing across North America, and the market is projected to benefit from the presence of major firms like Starbucks and Coca-Cola Company. The leading companies competing in the North American market are concentrating on new product introductions. Starbucks, for instance, declared the release of its new Ready-to-Drink Nitro Cold Brew which comes in three variants, viz., Black, Dark Caramel, and Vanilla Sweet Cream, in February 2020.
On the other hand, Asia-Pacific is expected to register the highest CAGR over the forecast period due to growing product demand, especially in India, China, and Japan. It is projected that the region's fast urbanisation would serve as a catalyst for the market's expansion, combined with consumers' rising purchasing power. Consumption of cold brew coffee is expected to increase as café culture becomes more and more popular. With the introduction of new products, the major firms are growing their customer base in Asia-Pacific. For instance, Nescafe announced the arrival of its new Cold Brew Coffee bottles in Thailand in January 2020. The product comes in two flavours: black and latte.
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Cold Brew Coffee Market Driver
The most notable advantage of cold brew coffee is that it is nearly 67% less acidic than hot coffee. Additionally, because the coffee grounds are not subjected to high temperatures, it is smoother and sweeter than hot coffee. This coffee variety has a rich, less bitter taste. Therefore, the cold brew coffee market will have numerous growth potentials as a result of all these aspects. It is also abundant in antioxidants, which are essential for active defence against the effects of ageing and a number of ailments, including cancer and Alzheimer's disease.
Consumer preference for distinctive coffee beverages is driving the worldwide cold brewing coffee market's growth. For instance, In December 2021, Blue Tokai Coffee Roasters, launched its 6 unique flavoured cold brew cans- Coffee Cherry, Tender Coconut, Passion Fruit, Classic Bold, Classic Light and the Single Origin from Ratnagiri Estate.
Cold Brew Coffee Market Challenge
As the popularity of darker roasts has grown, consumer preferences are shifting. Due to the need to assess their current equipment configuration and modify their production process and schedule in order to achieve a dark roast, many manufacturers face a problem with asset utilisation. These darker blends need a specific kind of roaster, which frequently needs to be bought and added to the manufacturing process. To identify the most efficient approach to add dark roasts into the manufacturing line, businesses should consult with process engineers and original equipment manufacturers (OEMs).
The Arabica coffee species will be under threat in the coming years as a result of climate change (high temperature and irregular rainfall patterns). Rising temperatures are more likely to cause Arabica to become stunted, unable to flower, and eventually unable to bear fruit. It requires a cooler environment to grow than other species. As a result, it is often grown at altitudes higher than sea level. Even though it once dominated the market, the proportion of Arabica-friendly terrain is decreasing as the climate changes. Additionally, the Intergovernmental Panel on Climate Change (IPCC) forecasted that food yields would generally decline by 10–20% by 2050. Pests that previously couldn't survive in the high elevations of Arabica farms can now thrive there. Arabica is also more sensitive to them than Robusta.
However, to battle this challenge various companies are taking up actions. For example, in order to educate as many farmers as possible, Starbucks is researching farming methods at its test farm that farmers can utilise to increase output. Millions of trees are also being donated by the corporation to farmers. Other research teams are examining the effectiveness of various methods, such as planting coffee in larger shade trees to protect the crop from heat and drought. Additionally, farmers are experimenting with remedies like collecting rainwater for irrigation during dry spells.
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The rising popularity of cold brew coffee has encouraged significant players in the market such as HighBrewCoffee, Kohana Coffee, La Colombe Coffee Roasters, Nestle SA, and Heartland Food Products Group to develop even more unusual flavors in order to attract more customers. Some of the key factors driving the robust market expansion globally are the rising sales in developing nations, the rapid urbanisation, and companies' increasing attention on increasing their online presence. Companies like Starbucks, Dr. Pepper, and RISE Brewing Co. are focusing on grocery channels like Walmart, etc. to expand their customer base. For example, in June 2021, BOMANI Cold Buzz, a well-known brand of alcoholic cold brew coffee, debuted its most recent Original and Vanilla alcoholic cold brew coffee line at a few Arizona retail locations, including Walmart, Whole Foods, BevMo, Sprouts, Total Wine, and others in Phoenix. Effective marketing and attractive packaging are the key advertising tactics adopted by these companies to keep the sales steady worldwide.
Cold Brew Coffee Market Top Players Company Profiles
Cold Brew Coffee Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, some of the key drivers propelling the growth of the worldwide cold brew coffee market are expanding customer preference for distinctive coffee beverages; an increase in coffee consumption in developing nations; rapid urbanisation; and expanding distribution channels by major players. Additional significant factors driving the growth of the cold brew coffee market over the forecast period include an increase in consumer awareness of coffee beans; rapidly rising health concerns among consumers; a rise in consumer spending on more expensive coffee beverages; and the rising popularity of cold brew. The availability of substitute products like tea, hot coffee, and other beverages, as well as the fact that making cold brew at home requires twice as many beans, may, however, limit the expansion of the cold brew industry.
|Market size value in 2021||USD 660.14 million|
|Market size value in 2028||USD 3110.95 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cold Brew Coffee Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cold Brew Coffee Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG30E2003